Foreigners require a work visa which provides them with the permit to work or start their business in Singapore. These visas are categorized into two types, The Singapore Employment Pass (EP) and Entrepreneur Pass (EntrePass). These visas can be used by other country residents who wish to stay and work in Singapore. The government of Singapore issues these visas to the aspirants. Both the visas may seem to work for the same task, but there is a huge difference in both of them. The reason for their overture was to enhance the quality of entrepreneurship and encourage migrants to work there.
It was in October 2003, when EntrePass was inaugurated. The intention was to stimulate business growth that would contribute greatly to Singapore’s economy. To be liable to receive an EntrePass visa, the applicant must accomplish at least one of the following requirements.
- Being an owner of an Intellectual Property (IP)
- Being a foster at an incubator that we endorsed by the Government of Singapore
- Obtaining funding from a third-party investment tycoon who has been authorized by the Government of Singapore
- Involved in research by a higher Institute of Research and Learning.
- The authorities monitor the progress of the EntrePass holder to ensure systematic functioning and execution of the business in a decent possible way. The validity of EntrePass is for one year and to be renewed on a timely basis. The Entrepreneur is subject to a mandatory condition to hire permanent citizens by creating Job opportunities for them.
The primary intent to issue the Singapore employment pass is to permit foreigners to work in the country who have received a job offer from an organization of Singapore. The eligibility of an Employment pass can be stated as:
- Must earn a monthly fixed salary of $4,500
- Must work on a technical, administrative, or executive job
- The requirement of skilled and educational qualifications
Applicants with considerable work experience must have a fixed monthly salary higher than the minimum requirement. The approval of a Singapore employment pass application is granted by the Ministry of Manpower distinctive for each case. Along with the employment pass application, the applicant is subjected to submission if some extra documents such as academic certifications, personal details as mentioned on the passport, Company’s business profile as enrolled with ACRA.
Advantages and Disadvantages of EntrePass
- An EntrePass owner is liable to apply for a permanent resident if he has lived and worked in Singapore for a long time
- No minimum salary requirement is applicable
- Easy application process.
- They are liable to take benefit of Dependant’s Pass or Long Term Visit Pass to enable family members to join them.
- Minimal total business expenditure is to be fulfilled at any cost.
- Hiring PRs must not be less than the targeted value.
Failure to above may lead to rejection in the renewal application.
- The entrepreneurs who hold at least 30% of their shareholding are liable to renew their EntrePass.
- Food court, bars, night clubs, and hawker owners are not accountable to receive EntrePass.
Advantages and Disadvantages of Employment Pass
- A Singapore employment pass holder can also apply for PR if they stay in the country for a considerable time.
- Also eligible to earn the benefit of Dependant’s visa Pass or Long Term Visit Pass.
- Some EP holders are accountable to take the benefits of medical insurance.
- Fixed monthly salary requirement of $4,500.
- Rules have been made strict to apply for EP
- To apply for an EP, the application process is to be done by the agent.
The above advantages and disadvantages furnish you with a better idea of what and how to apply. You are free to opt for the one you wish for. It is always recommended to hire a professional company that helps in processing Singapore employment pass applications with ease and help you get an entry in Singapore following every rules and regulation.